Stocks in focus on July 3, 2020

New Delhi: Markets ended in green on Thursday. Sensex settled 429.25 points, or 1.21 per cent, higher at 35,843.70. The NSE Nifty surged 121.65 points, or 1.17 per cent, to close at 10,551.70.

Here are stocks in focus on July 3, 2020

Motherson Sumi

Auto components major Motherson Sumi Systems Ltd (MSSL) on Thursday announced a group restructuring under which it will demerge its domestic wiring harness (DWH) business into a new company that will eventually be listed.

The reorganisation has been approved by the respective boards of MSSL and group firm Samvardhana Motherson International Ltd (SAMIL).

HDFC Life Insurance Company

Bellwether stock index NSE Nifty50 will exclude natural resources major Vedanta from July 31. The Index Maintenance Sub-Committee (IMSC) of the NSE decided to make the change as Vedanta has proposed a voluntary delisting. In its place, HDFC Life Insurance Company will be included in the index from July 31.

Axis Bank

Axis Bank on Thursday said it has received board of director’s approval for raising funds up to Rs 15,000 crore though issuance of various securities.

In a regulatory filing Axis Bank said the board at its meeting held on Thursday has approved the proposal relating to raising of funds not exceeding Rs 15,000 crore.

PI Industries

PI Industries has opened its qualified institutional placement (QIP) issue July 2, 2020. The floor price is fixed at Rs 1534.24 per share. The company may offer a discount of not more than 5% on the floor price so calculated for the Issue. The company wants to raise around Rs 2,000 crores through the QIP.

JB Chemicals & Pharmaceuticals

KKR & Co. Inc. will acquire about 54% stake in the drug manufacturer JB Chemicals and Pharma. KKR has agreed to buy 41.7 million equity shares of the Mumbai-based pharma company.